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eBay Denies Rumors About Accepting Crypto Payments

eBay Denies Rumors About Accepting Crypto Payments

E-commerce giant eBay has recently clarified that it is not
receiving payments through cryptocurrencies on its platform. Bloomberg reported
the response of one of the executives of the e-commerce site on the ongoing
rumors regarding the site’s plans to enable payment through cryptocurrencies.
The news started with an image of an allegedly leaked eBay advertisement which
indicated the adoption of virtual currencies on the platform as a mode of
payment. The denial might come as a disappointment to many of the enthusiasts
who had been outspokenly supporting this move.

Crypto and E-commerce

Jia Wertz, renowned public speaker of
diverse fields, like entrepreneurship and women rights, in an article
for Forbes, had mentioned the reasons for the adoption of cryptocurrency by the
e-commerce platforms, back in 2017. She had claimed that it not only will
provide the companies with an early mover advantage at this stage, but will
also help them in solving logistical issues like the high transaction charges.
Crypto can be used for offering rewards which are more liquid, in the form of
utility tokens.

One of the earliest retailers to jump onto the crypto bandwagon had been Overstock. Rakuten, the Japanese e-commerce giant, launched its crypto exchange the Rakuten wallet in April 2019.

The Corporate In-flow

Brands like the social media giant
Facebook, or the retail chain, Whole Foods, and even Land Rover, Star Bucks and
Nike have decided to join the crypto bandwagon in some form or the other. This
trend is in line with the report
by Deloitte, which has claimed that there is a global increase in the corporate
interest in blockchain.
Moreover, these
developments could further push the price of cryptocurrencies up from the
plummet in 2018. The price of Bitcoin has, in fact, risen
to $8000 recently. Therefore, there is no reason for corporations to shy
away now.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.